China gave cryptocurrency status of “virtual property”

China gave cryptocurrency status of "virtual property"

China gave cryptocurrency status of “virtual property”

Although possession of digital currency is now protected by law, a number of measures have been taken to exclude the flagship cryptocurrency, one of which is a complete ban on all initial offers of coins (ICO).

In response to the court’s decision, a People’s Bank of China official told the Chinese daily Global Times:

“Indeed, Bitcoin is a virtual property, but it is not paper money.”

The decision of the court and the explanation of the NBK make it clear that the possession of a cryptocurrency in China is legal.

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